That Fed control over the money sppuly has become a phantom has been quite clear since the Minsky Moment in 2008, with the Fed massively expanding its balance sheet without much resulting increase in measured money sppuly. This of course has made a hash of all the people ranting about the Fed printing money, which presumably will lead to hyperinflation any minute (eeek!). But the deeper story that some of us were unaware of is that apparently this disjuncture happened a long time ago.